FxWirePro: NZD/USD maintains strength as risk sentiment improves

• NZD/USD held firm  on Thursday  as easing Middle East concerns from last week have revived appetite for risk, providing support for the risk-sensitive New Zealand dollar.

• A ceasefire between Israel and Iran, which appears to be holding, has calmed markets by easing fears of disruptions to global oil trade and supporting overall investor sentiment.

• With no key New Zealand  economic releases or Reserve Bank of New Zealand (RBNZ) speeches scheduled, broader risk appetite remains the primary driver for the NZD/ USD near-term direction.

•  Markets see little chance of the Reserve Bank of New Zealand cutting its 3.25% benchmark rate in July, but expectations for an August rate cut have climbed to over 60%.

• Technical show resilience: 5-, 10-, and 21-day moving averages are holding firm, RSI is pointing north.

• Immediate resistance is located at 0.6079(23.6%fib), any close above will push the pair towards 0.6095(Higher BB).

•  Support is seen at 0.6021(SMA 20)and break below could take the pair towards 0.5979 (38.2%fib).

 Recommendation: Good to buy around 0.6030 with stop loss of 0.5920 and target price of 0.6120